Updates

Hutchison China Meditech

April 2011

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Solid full year figures from Hutchison driven by its Chinese consumer healthcare arm. Overall sales rose 21% to US$134.5m and pretax loss was US$2.2m, down from a US$4.6m loss last year. Loss per share was 13.3 cents. Year end cash was US$45.3m The core Chinese consumer healthcare division grew by 18% to US$120.1m - all organic - and operational gearing translated this into 29% operating profit growth to US$16.8m thanks to strong sales of its OTC medicines, especially Fu Fang Dan Shen, tablets for angina (which grew 36% to $29.4m) and also its cardiovascular prescription drug, She Xiang Bao Xin (which grew sales by 31% to $30.2m). With margins on prescription products three times higher due to less competition and the produc ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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